What are the Mortgage loan types?
The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable rate mortgage (ARM) (also known as a floating rate or variable rate mortgage). In many countries, floating rate mortgages are the norm and will simply be referred to as mortgages; in the United States, fixed rate mortgages are typically considered “standard.” Combinations of fixed and floating rate are also common, whereby a mortgage loan will have a fixed rate for some period, and vary after the end of that period.
Tags: interest, Loans, Mortgage
Filed under Loans :
Comments (0) :
Jul 2nd, 2008
What is a mortgage loan?
A mortgage loan is a loan secured by real property through the use of a mortgage (a legal instrument). However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.
A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.
Tags: Loans, Mortgage
Filed under Definitions :
Comments (0) :
Jul 2nd, 2008
What is the home mortgage disclosure act?
The United States Home Mortgage Disclosure Act (or HMDA, pronounced HUM-duh) was passed in 1975. It requires financial institutions to maintain and annually disclose data about home purchases, home purchase pre-approvals, home improvement, and refinance applications involving 1 to 4 unit and multifamily dwellings. It also requires branches and loan centers to display a HMDA poster.
HMDA was designed by the Federal Reserve Board in order to:
- Help public officials to distribute public-sector investments
- Discover if financial institutions are serving housing needs of communities
- Identify where there are discriminatory lending practices. Read the rest of this entry »
Tags: Definitions, law
Filed under Definitions : Comments (0) : Jul 2nd, 2008Defining home mortgage
Definitions of Home mortgage on the Web:
- a residential mortgage secured by a one-to-four family property.
www.ipoteka.com.ua/en/consultation/glossary - A legal document that pledges the property to the lender as security for payment of a debt.
www.privatemi.com/toolsresources/glossary.cfm
Tags: Definitions
Filed under Definitions :
Comments (0) :
Jul 2nd, 2008
What do you mean by reverse mortgage?
A reverse mortgage (known as lifetime mortgage in the United Kingdom) is a loan available to seniors (62 and older in the United States), and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner’s obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves (e.g., into aged care).
Tags: loan, Mortgage
Filed under Definitions :
Comments (1) :
Jun 23rd, 2008
What is a Down Payment
Down payment (or downpayment) is a term used in the context of the purchase of expensive items such as a car and a house, whereby the payment is the initial upfront portion of the total amount due and it is usually given in cash at the time of finalizing the transaction. A loan is then required to make the full payment.
Tags: Down Payment
Filed under Definitions :
Comments (0) :
Jun 20th, 2008
What is a Title
Title is a legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or an equitable interest. The rights in the bundle may be separated and held by different parties. It may also refer to a formal document that serves as evidence of ownership. Conveyance of the document may be required in order to transfer ownership in the property to another person. Title is distinct from possession, a right that often accompanies ownership but is not necessarily sufficient to prove it. In many cases, both possession and title may be transferred independently of each other.
Tags: Property Title
Filed under Definitions :
Comments (0) :
Jun 20th, 2008
Who is a Creditor
A creditor is a party (e.g. person, organization, company, or government) that has a claim to the services of a second party. The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second party will return an equivalent property or service. The second party is frequently called a debtor or borrower.
Tags: Creditors
Filed under Definitions :
Comments (0) :
Jun 20th, 2008
What is meant by Home Ownership
Home Ownership means the act of owning and occupying a house and the person who owns the house is called the owner-occupier. An owner-occupier is a person who lives in a house that he or she owns. Homes also include condominums, apartments, and housing cooperatives. The immovable property, including the home and the land it sits upon, is known as real estate.
Tags: Home Ownership, Homes, Houses
Filed under Definitions :
Comments (0) :
Jun 20th, 2008
What is Real Estate
Real estate is a legal term (in some jurisdictions, notably in the USA, United Kingdom, Canada, and Australia) that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is stationary, or fixed in location.
Tags: Realty
Filed under Definitions :
Comments (0) :
Jun 20th, 2008